Seth Denson: Pharmaceutical Companies & Skyrocketing Prices
The cost of many pharmaceutical drugs are not only going up, they’re skyrocketing. A new study recently found that people are either receiving fewer drugs or that the prices are going through the roof.
This is absolutely happening, but it’s more about basic economics: profit, margin, cost and demand. There are pharmaceutical companies out there that capitalize on the news story of the day, but rising prices aren’t anything new. These companies want to make money and they’re able to use cost and demand narratives to their advantage and that’s what’s happening here.
There is no larger group than the pharmaceutical industry that lobbies congress, is that true?
Yes, more money is spent within the healthcare industry, and big pharma is the largest sector lobbying when it comes to Washington. But here’s what’s important when it comes to the affordable care act and health insurance companies. When it comes to a person’s health we do need the government to step in and do a little regulation, because whaat’s happening is that pharmaceuticals are dominating the healthcare market and consolidating into one large entity that can eliminate competition.